CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash Flows from Operating Activities: |
|
|
| Net (loss) income |
$ (4,330,852)
|
$ 4,640,497
|
| Adjustments to reconcile net (loss) income to net cash used in operating activities: |
|
|
| Interest earned on investments held in Trust Account |
(1,902,329)
|
(266,966)
|
| Unrealized change in fair value of warrants |
666,966
|
(5,206,773)
|
| Gain on forgiveness of deferred underwriting fee payable |
(200,087)
|
|
| Changes in operating assets and liabilities: |
|
|
| Prepaid assets |
(109,434)
|
131,895
|
| Income and Franchise tax payable |
554,491
|
(83,035)
|
| Deferred tax liability |
(588,899)
|
|
| Accrued expenses |
4,340,159
|
214,228
|
| Net cash used in operating activities |
(1,569,985)
|
(570,154)
|
| Cash Flows from Investing Activities: |
|
|
| Principal invested into Trust account |
(400,000)
|
|
| Withdrawal from Trust Account for tax obligations |
1,493,453
|
80,500
|
| Cash withdrawn for redemptions |
258,999,909
|
|
| Net cash provided by investing activities |
260,093,362
|
80,500
|
| Cash Flows from Financing Activities: |
|
|
| Borrowings under promissory note |
1,000,000
|
|
| Repayment of promissory note |
(150,000)
|
|
| Redemption of Class A common stock |
(258,999,909)
|
|
| Net cash used in financing activities |
(258,149,909)
|
|
| Net Change in Cash |
373,468
|
(489,654)
|
| Cash - Beginning of period |
67,909
|
497,412
|
| Cash - End of period |
441,377
|
$ 7,758
|
| Supplemental Disclosure of Non-cash Financing Activities: |
|
|
| Deferred underwriting commissions payable charged to additional paid in capital |
4,436,713
|
|
| Excise tax liability accrued for common stock redemptions |
$ 424,059
|
|